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My excel spreadsheet with money that I pass between my friends during a vacation is also usable to determine settlements. Which is more than the accounting goi
by dragontamer 4y ago
My excel spreadsheet with money that I pass between my friends during a vacation is also usable to determine settlements.
Which is more than the accounting going on at FTX by the way. And that's why those depositors lost everything.
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Many thousands, maybe 10s of thousands or even 100s of thousands have lost their entire accounts at FTX, Celsius, and other "cryptocoin" schemes or "stablecoin" schemes like Gemini. This is well documented and understood. Its a very simple issue: cryptocoin bros lie, your money isn't safe or kept with any kind of accounting practices with them.
And with all the bullcrap about "decentralized" or "trust-free" accounting, its all just lies to get people to deposit more money into shady accounts.
- wslh 4y agoAs i said in another comment in the same thread: we are looking at a very tiny timeframe. Crypto was an opportunity for fraudsters, there were similar opportunities in the past for the financial system. Fraudsters are incredible fast, more than entrepreneurs. Just look at other shady schemes in CeFi.
- dragontamer 4y agoYou know that the US Dollar (and the banking system) survived 19% FFR interest rates in the 1981, right? 4.75% isn't even that much by historical standards of the past century.
- wslh 4y agoRome also survived a lot of things.
- ChainOfFools 4y ago> trust-free "trust us, it's trustless. " -kleptocurrency huckster gospel pg 1 verse 1